Equitas Small Finance Bank Limited has announced its association with the Government of Maharashtra as a banking partner with a view to offer its services to the state government employees. The agreement will entitle Equitas Small Finance Bank to distribute salaries and allowances to the existing employees as well as make provision of pension to pensioners, thereby providing solutions to institutions and value-added services for individuals.
Bandhan Bank, Karur Vysya Bank, The South Indian Bank are the other three banks that are assigned the role of distributing salaries, allowances to government employees. The agreement is for the liability base. The government has granted authority to Equitas Small Finance Bank to open salary and pension accounts for the existing and retired employees across 58 of its branches in Maharashtra. The bank is subject to withdrawal and disbursement of funds.
Speaking on the occasion, Mr. Murali Vaidyanathan, Senior President and Country Head - Branch Banking - Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said: "We at Equitas Small Finance Bank have believed in simplifying our services to offer customers with a seamless banking experience. We are thankful to the authorities for allowing us to operate in the state of Maharashtra. Our association with Government of Maharashtra opens up avenues to leverage our 58 branches in Maharashtra to provide tailor-made solutions to institutions and helps us provide value-added services for individual customers including relationship managers, rewards for every spend and so on. It will also help us strengthen our presence in Maharashtra market and we are keen to make a difference in this space by providing value for the money invested with us."
Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 60.10 as compared to the previous close of Rs. 60.95. The total number of shares traded during the day was 27882 in over 562 trades.
The stock hit an intraday high of Rs. 61.00 and intraday low of 59.45. The net turnover during the day was Rs. 1675598.00.